News

In 2009 OAO NGK Slavneft increased its capital investments by 12.4% up to $1,021.5

24.03.2010

According to the Company's business plan approved by shareholders, the total CAPEX of OAO NGK Slavneft in 2010 will increase by 12.4% as compared to the previous year and will amount to $1,021.5 mln.

In the current year the Company plans to invest $853 mln into exploration and oil production which is 8.8% above the previous year. The specified funds will be spent for the activities to develop the raw materials base and provide for the growth of hydrocarbons, stabilize the oil production volume and increase the associated gas utilization level.

In 2010, the capital investments of Slavneft into oil refining will increase by 35.1% up to $168.5 mln. The Company plans to spend $138.6 mln out of this sum for reconstruction and upgrading of OAO Slavneft-YANOS, the key refinery of the holding. In the current year YANOS plans to commission a new primary oil refining unit ELOU-AT having the capacity of 4 mln tons a year. Moreover, the 2010-2011 investment program of the subsidiary envisages the construction of the cat-cracked gasoline hydrotreater and Isomalk C5-C6 fractions isomerization units. These projects will enable the refinery to the produce environmentally friendly gasolines which comply with euro-2, meet the requirements of the rules for the production of motor fuels within the established deadlines.

In 2009, Slavneft invested $908.7 mln into production, including $784 mln into exploration and production, $124.7 – into oil refining. During the specified period the subsidiaries produced 18.9 mln tons of oil and refined 24.6 mln tons of hydrocarbons (including that one refined by Mozyr refinery).